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Shakti Pumps (India)

Shakti Pumps (India) Limited · NSE: SHAKTIPUMP · BSE: 531431

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Arun @arun #1

Shakti Pumps: Q1 FY27 results, two MSEDCL empanelments and subsidiary investments (Jul–Oct 2026)

These are my notes on Shakti Pumps (India) filings and news from mid-July to mid-October 2026.

Q1 FY27 results (board meeting 24 July). Consolidated revenue from operations was ₹858.67 crore, up 37.9% year on year. Consolidated net profit was ₹51.59 crore, compared with ₹96.83 crore in Q1 FY26 and ₹38.33 crore in Q4 FY26. Reported EBITDA margin was 9.6%, against 23.1% a year earlier. Solar pump installations were 27,678, against 17,557. The company put its order book at about ₹1,000 crore as of 22 July.

What stands out to me is the gap between volume and margin. Installations and revenue rose sharply, while margin fell by more than half compared with last year. I have not yet confirmed from the company’s own commentary what caused this.

Orders. The company received two Letters of Empanelment from MSEDCL under the Magel Tyala Saur Krushi Pump Yojana:

  • 9 Sep: 10,000 off-grid solar pumps, ₹235.92 crore including GST (₹216.64 crore excluding).
  • 6 Oct: 4,755 pumps, ₹112.18 crore including GST (₹103.01 crore excluding).

Together these come to about ₹348 crore including GST. Both filings tie the 60-day execution period to a work order or Notice to Proceed being issued. So the timing of revenue depends on when those work orders come.

Credit rating (29 Sep). India Ratings assigned IND AA-/Stable/IND A1+ to ₹850 crore of bank facilities and affirmed the same on ₹1,310 crore. This rating is on bank loans, not on the shares.

Subsidiary investments.

  • Shakti Energy Solutions received ₹11 crore (filed 5 Sep) and ₹10 crore (filed 12 Oct) for a planned 2.2 GW solar DCR cell and module plant at Pithampur, MP. One report also mentions a ₹10 crore filing on 8 Oct, and I haven’t confirmed whether that is a separate tranche.
  • Shakti EV Mobility received ₹5 crore in October. One report says this brings the total investment to ₹80 crore.

Next event. The trading window has been closed since 1 Oct, until 48 hours after Q2 results. I couldn’t find the Q2 board meeting date yet.

Question for members: Has anyone gone through the Q1 call or investor presentation? I’d like to know how management explained the margin change, and whether there is any disclosure on how much of the MSEDCL empanelment value has been converted into work orders.

Sources:

Author's disclosure: Not invested

Posts are members’ own views and are not investment advice. Holdings shown are what each member disclosed when posting. Research notes are by SEBI-registered analysts under their own registration; Mudraa hosts them and does not endorse them.

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